MANILA, Philippines — Filipino-owned Insular Life (InLife) earned P5.2 billion last year, jumping by 34 percent from a year earlier, on better performance of its businesses, as well as lower claims and benefits released.
In a statement, InLife said its net income went up from P3.87 billion in 2021 as revenues improved by 12 percent to P25.9 billion.
InLife president and CEO Raoul Littaua said the firm benefited from a rebound in consumer spending as the economy recovers from the pandemic.
“We credit the significant improvement in our sales performance to our agency, bancassurance and group businesses,” Littaua said.
InLife’s consolidated members’ equity likewise increased by 18 percent to P50.6 billion while its new business annualized premium equivalent soared by 43 percent to P1.9 billion.
This represented the highest growth in the top 10 life insurers and an improvement in its ranking to ninth place from 12th the previous year.
According to the Insurance Commission, InLife now ranks second in terms of net worth, third in net income, and fourth in assets.
Also contributing to InLife’s better bottom line last year is the lower payment in gross benefits and claims, declining by 19 percent to P9.35 billion.
InLife is the first, largest, and only mutual Filipino life insurance company in the country with an asset base of over P147 billion and net worth of P50.2 billion.